OREANDA-NEWS. On May 08, 2008 Ukraine's Environmental Protection Ministry has cancelled a special permit of Vanco Prykerchenska Ltd. to exploit deposits in Ukraine, reported the Official website www.kmu.gov.ua.

According to the ministry's order, the company is banned to develop Prykerchensky oil and gas field of the Black Sea continental shelf.

On April 11, Ukrainian Premier Yulia Tymoshenko asked the Verkhovna Rada and the Cabinet of Ministers to take measures on revising a Production Sharing Agreement (PSA) signed between the Government and Vanco International Ltd.

The Ukrainian Government signed the Prykerchenska oil and gas Production Sharing Agreement (PSA) with Vanco International Ltd in October 2007. The company then transmitted its rights and commitments on the agreement to Vanco Prykerchenska Ltd.